Wells Fargo profit misses estimates on hefty expenses, decline in loans [Reuters]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: Reuters
Wells Fargo profit misses estimates on hefty expenses, decline in loans | Reuters Reuters Staff 3 Min Read (Reuters) - Wells Fargo & Co ( WFC.N ) posted a quarterly profit that fell short of analyst estimates on Friday as expenses increased due to former missteps and lending activity dropped, sending its shares down 4 percent in early trade. Wells Fargo has booked several billions of dollars in fines and penalties stemming from regulatory probes and to settle lawsuits due to sales and mortgage abuses. The bank’s growth is also being hampered by the Federal Reserve, which ordered it to keep assets below $1.95 trillion until governance and controls improve. The fourth-largest U.S. bank saw lower total loans in the second quarter, particularly in its consumer banking unit where most of its issues took place. Total loans fell 1.3 percent to $944.1 billion, with consumer loans dropping 2.3 percent. Commercial loans fell half a percent and real estate mortgage balances dropped 5.6 percent
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- 4/23/24 - Form 424B2
- WFC's page on the SEC website